Chainalysis report shows India still leads in crypto usage
Despite regulatory challenges, India’s widespread adoption of centralised and decentralised crypto services has kept it at the top of the global crypto market.
India has maintained its position as the global leader in cryptocurrency adoption for the second consecutive year, despite facing stringent regulations and high trading taxes. A report by blockchain analytics firm Chainalysis revealed that India performed strongly in both centralised and decentralised finance usage from June 2023 to July 2024.
India‘s cryptocurrency landscape has been marked by regulatory hurdles, including show-cause notices issued by the Financial Intelligence Unit to offshore exchanges for non-compliance. However, adoption remains widespread, with new participants entering the market through services that have avoided outright bans.
Binance, the world’s largest crypto exchange, faced significant regulatory challenges, including a fine of 188.2 million rupees, but its registration with Indian authorities could boost future adoption. Other South and Central Asian countries, such as Indonesia, Vietnam, and the Philippines, also ranked high in the global crypto adoption index.
Indonesia, despite banning cryptocurrencies as a means of payment, saw substantial digital asset investments, with $157.1 billion in inflows over the past year. The report highlighted a strong correlation between high decentralised transaction volumes and countries with lower purchasing power.
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